CTR Filing - US Mint Coins
Answer by John Burnett, BOL Guru Guru Bios
Question: One of the operational units within our bank offers customers the opportunity to purchase gold and/or silver coins and have them delivered to their place of residence via the US Postal Service. In the case of US Mint coins , such as $50 Buffalo gold coins, are these considered "currency" for purposes of CTR filing, and if so, what amount should be indicated on the CTR; the face value of the coins (ie. 201 coins @ $50 = $10,050), or the intrinsic value of the coins (ie. 201 1 oz. gold coins @ $900 ea = $180,900)? Can you direct me to any regs that address this question?
Answer: Review the definition of Currency at 31 CFR 103.11(h):
(h) Currency. The coin and paper money of the United States or of any other country that is designated as legal tender and that circulates and is customarily used and accepted as a medium of exchange in the country of issuance [Emphasis added]. Currency includes U.S. silver certificates, U.S. notes and Federal Reserve notes. Currency also includes official foreign bank notes that are customarily used and accepted as a medium of exchange in a foreign country.
Certain mint issues would, I think, fit the definition. However, I don't think you could say that $50 gold pieces, although legal tender, are customarily used as a medium of exchange; therefore, I don't think you would consider them currency for the purposes of a CTR.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
